Definitions [2]
Define Correlation.
Correlation is a statistical device that helps to analyze the covariation of two or more variables. Sir Francis Galton, is responsible for the calculation of the correlation coefficient.
Define Regression.
The term ‘Regression’ was first coined and used in 1877 by Francis Galton while studying the relationship between the height of fathers and sons. The average height of children born of parents of a given height tended to move or “regress” toward the average height in the population as a whole. Gabon’s law of universal regression was confirmed by his friend Karl Pearson, who collected more than a thousand records of heights of members of family groups. The literal meaning of the word “regression” is “Stepping back towards the average”.
Concepts [14]
- Etymology and Milestones of Statistics in Global Level
- Evolution of Statistics in India
- Definitions of Statistics
- Characteristics and Functions of Statistics
- Nature of Statistics
- Scope of Statistics for Economics
- Limitations of Statistics
- Types of Statistics
- Data
- Standard Deviation
- Correlation
- Regression
- Introduction to Econometrics
- Official Statistics
